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Comverse technology backdating scandal

On 27 September , he was arrested in Namibia after hiding in Windhoek with his family, where he had bought a house at a country club. Kreinberg knew that company records reflected false grant dates. Between fiscal year and , Kreinberg, with Sorin's knowledge, is alleged to have initiated a similar backdating scheme at Ulticom, Inc. Comverse acquired Ulticom in and sold it in Comverse , also known as Comverse Network Systems or Comverse CNS, is a provider of software and systems enabling value-added services for voice, messaging, mobile Internet and mobile advertising ; converged billing and active customer management ; and IP communications. Results for fiscal year for the restructured Comverse, Inc. Alexander and Kreinberg are separately charged with violations of the Sarbanes-Oxley officer certification provisions of the federal securities laws. The stock then traded on the Pink Sheets. In addition to growing organically, Comverse Technology began acquiring other companies in both Israel and the U. Comverse's solutions support flexible deployment models, including in-network, hosted and managed services, and can run on circuit-switched , IP , IMS , and converged network environments. In September after a merger this new Comverse entity changed its name to Xura and after a further series of acquisitions and mergers in February it became part of Mavenir. The complaint alleges that under well-settled accounting principles in effect at the time, companies that granted in-the-money options were required to record a corresponding compensation expense and disclose such amounts in filings with the Commission. Alexander and Kreinberg, according to the complaint, also created a slush fund of backdated Comverse options between and by, among other methods, secretly inserting fictitious names amid the names of actual Comverse employees on proposed option grantee lists which then were submitted to a committee of Comverse's board of directors for approval. John Wiley and Sons. The Commission's complaint charges Alexander, Kreinberg, and Sorin with violations of the antifraud, books and records, internal controls, misrepresentations to auditors, and ownership reporting provisions of the federal securities laws. The Software Industry in Emerging Markets.

Morgan and Barclays said that with its accounting problems largely behind it, some restructuring done, and an improving cash balance and some revenue growth, Comverse Technology was well-positioned for ongoing operations or a possible sale. The Commission's complaint charges Alexander, Kreinberg, and Sorin with violations of the antifraud, books and records, internal controls, misrepresentations to auditors, and ownership reporting provisions of the federal securities laws. This action, brought after a five-month investigation, indicates that the Division of Enforcement is prepared to marshal its resources to aggressively and quickly pursue fraudulent stock option practices. Verint Systems which, from to , was known as Comverse Infosys [3] [4] is a provider of solutions for analysis of intercepted communications, digital video-focused security and surveillance, and analytics and business intelligence for the enterprise. Kreinberg knew that company records reflected false grant dates. Results for fiscal year for the restructured Comverse, Inc. Alexander and Kreinberg are separately charged with violations of the Sarbanes-Oxley officer certification provisions of the federal securities laws. The Software Industry in Emerging Markets. The complaint alleges that under well-settled accounting principles in effect at the time, companies that granted in-the-money options were required to record a corresponding compensation expense and disclose such amounts in filings with the Commission. As alleged, the backdated option grants and secret option slush fund was a deceit of the highest order upon Comverse Technology Inc. Two of the executives, Comverse's founder and former Chairman and CEO Jacob "Kobi" Alexander, and David Kreinberg, Comverse's former Chief Financial Officer, also created a slush fund of backdated options by causing options to be granted to fictitious employees and, later, used these options to recruit and retain key personnel. On 27 September , he was arrested in Namibia after hiding in Windhoek with his family, where he had bought a house at a country club. Comverse acquired Ulticom in and sold it in Binational Industrial Research and Development Foundation. As a result, Comverse, a maker of software, systems, and related services for multimedia communication and information processing applications headquartered in New York, N. While no real evidence has been presented against Comverse or Verint, the allegations have become a favorite topic of conspiracy theorists. Comverse's solutions support flexible deployment models, including in-network, hosted and managed services, and can run on circuit-switched , IP , IMS , and converged network environments. Verint solutions are used by more than 10, organizations in countries. Between fiscal year and , Kreinberg, with Sorin's knowledge, is alleged to have initiated a similar backdating scheme at Ulticom, Inc. Alexander later communicated this date and closing price to Sorin in order for it to be used as the date of, and exercise price for, a grant of Comverse options. The stock then traded on the Pink Sheets. In a separate matter, the United States Attorney's Office for the Eastern District of New York today unsealed a criminal complaint charging Alexander, Kreinberg, and Sorin with conspiracy to violate the antifraud provisions of the federal securities laws, wire fraud, and mail fraud by engaging in the same scheme. If extradited to the US and convicted, he faced 25 years in prison. In addition to growing organically, Comverse Technology began acquiring other companies in both Israel and the U. John Wiley and Sons. The Commission's investigation is continuing.

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